Many a business owner doubts the benefit of the data sciences for their small business. Nothing could be further from the truth. “Data analysis that helps those small business owners better target their customers is an essential element of success, and the quality of that analysis could mean the difference between a profit and a loss,” advises Atlanta Small Business Network.
“Small businesses actually have a potential advantage,” notes Matt Farrelly, “as their small staff and lower overheads allow for quicker adaption to new trends and knowledge gleaned from data analysis.” Farrelly points out that information is the power that makes a difference in where you land amongst the competition. The more you know about who your customers are and what attracts them to your company, the higher your potential to grow.
Small businesses need access to data analytics because—
1. Information is exploding
That’s why you need big data analytics. “Big data analytics allows you to gain visibility into your organization. With better visibility, you can make smarter decisions—based on data—quicker. You can keep track of bottlenecks, KPIs, and critical metrics with real-time analytics,” says Thomas LaMonte.
2. It spurs a proactive approach
Being reactive is easy but generally ineffective, whereas choosing a proactive approach impacts profit potential by lowering costs, utilizing existing customer relationships, and building the brand. Analyzing existing data allows you to move from mere reaction to anticipating the needs of your customers.
3. It capitalizes on social media opportunities
Don’t fall for the concept that Big Data is only for Big Business. Your social media platforms, email click-throughs, and sales of either product or services open a window of opportunity. Taking the time to understand your customers, by evaluating the way they interact with social media platforms will help you discover more effective ways to attract them. Untold volumes of helpful information can be skimmed from social media sites—complaints and positive feedback, ideas to nurture followership, and ways to make the most of positive customer experiences.
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